All Forum Posts by: Deuris Liquey

Good morning everyone. I am a Wholesaler and I came across this lead, he's on a Pre-Foreclosure list, his house is under water, it's worth about $700k but he owes about $975k because he took a Reverse Mortgage on the property, I know that with the Reverse Mortgage, if the balance is more than what the property is worth, he doesn't have to pay the outstanding balance. My question is, how can I help him in this situation? I don't think wholesaling the property will help him because he won't get retail & he's still gonna owe money, & we can't Sub2 the property because of the Reverse Mortgage. What can I do in this situation?

@Maurice D. Yea thats sort of what I was thinking, at least to get a feel of the market

@Maurice D. I Appreciate it, I'll make sure to let her know lol 😁

@Brian G.This property was a full rehab thats why it's fully vacant. I appreciate your input on the renting price, those are definitely great ways to double check how much she will charge for rent. & the property will be 100% move in ready by the time she closes on it.

@Mayer M. I understand, I'm just trying to help her as much as I can, I have some sort of background on Real Estate because I wholesale & also educate myself in the subject, but I don't have any investment properties yet, therefore Im trying to get some insight from people that are doing this. Id appreciate any input you may have.

I HAVE A QUESTION, A FRIEND JUST BOUGHT A FULLY RENOVATED MFH IN PHILLY, NEARBY AN UNIVERSITY, THE PROPERTY IS CURRENTLY 100% VACANT! SHE CLOSES ON IT BY THE END OF JANUARY;

CAN SHE START ADVERTISING IT, TO SORT OF TASTE THE WATERS?

WHAT CAN SHE DO TO BRING IN TENANTS? ARE THERE CREATIVE WAYS TO DO IT?

HOW CAN SHE MAKE SURE SHES NOT UNDER/OVERCHARGING RENT?

BASED ON YOUR EXPERIENCE, HOW LONG WILL IT TAKE HER TO GET IT FULLY OCCUPIED?

THANKS FOR THE HELP

@Evan Polaski thanks for the reply brother, thats what Im sort of confused about because the property is vacant & need about $20k in repairs, the buyer suggested I find out what this property can rent for & multiply it by 12, then divide it by the asking price, does that make sense?

I have a Cash Buyer that wants me to get Cap Rate for SFHs, but as far as I know Cap Rates are only used for Commercial Units. Am I wrong or is there a way to figure out Cap Rates on Single Family Units? TIA

Question BP Family, Is it legal to use End Buyers Funds to do a Double Closing ? 

Good morning guys, I have a situation where I have 2 properties on 1 lot, so basically 2 SFHs & they're cash flowing, do I run comps on them as SFHs, MFHs or run comps as a commercial unit? TIA